Ichigo Preserves and Improves Real Estate

December 15, 2017

October 2017 Fiscal Period Earnings
Ichigo Office REIT Investment Corporation (Tokyo Stock Exchange, 8975)
Representative: Yoshihiro Takatsuka, Executive Director
www.ichigo-office.co.jp/english
Ichigo Investment Advisors Co., Ltd. (Asset Management Company)
Representative: Wataru Orii, President
Inquiries: Masanori Kubota, Statutory Executive Officer (Finance)
Telephone: +81-3-3502-4891
Submission of Financial Report (Yuka Shoken Hokokusho): January 26, 2018 (expected)
Dividend Payment: January 22, 2018 (expected)
Supplemental Material to Financial and Business Results: Yes (Corporate Presentation)
Financial and Business Results Briefing: Yes (for institutional investors and analysts)
1. Financial Results for the October 2017 Fiscal Period (May 1, 2017 to October 31, 2017)(1) Earnings(JPY million; period-on-period change)

October 2017
April 2017

Operating
Revenue
7,530
7,352

Change+2.4%+3.7%

Operating
Profit3,521
3,378

Net Income
per Share
(JPY)
1,824
1,706

October 2017
April 2017

Change+4.2%-0.8%

Return on Equity(6 months)
2.7%
2.6%

Recurring
Profit2,796
2,616

Change+6.9%+6.2%

Return on Assets(6 months –Recurring Profit)
1.3%
1.2%

Net
Income2,796
2,615

Change+6.9%+6.2%

Operating Profit
Margin(Recurring Profit)
37.1%
35.6%

(2) Dividends
Dividend per
Total
Share
Dividends(JPY)(JPY million)
October 2017
April 2017

1,930
1,923

2,957
2,946

Dividend per
Total
Share inDividends in
Excess ofExcess of
Payout Ratio
Earnings
Earnings(JPY)(JPY million)––
105.8%––
112.7%

DOE

2.9%
2.9%

Notes:
1. April 2017 Total Dividends differ from Net Income, because Total Dividends exclude a JPY 37
million provision to dividend reserves from unappropriated retained earnings and include a JPY
370 million negative goodwill amortization.
2. October 2017 Total Dividends differ from Net Income, because Total Dividends include a JPY
160 million negative goodwill amortization.

1(3) Assets and Equity

October 2017
April 2017

Total Assets(JPY million)
217,585
210,573

Net Assets(JPY million)
101,761
101,911Equity Ratio
(%)
46.8%
48.4%

Net Assets per Share(JPY)
66,411
66,509Cash Flows from
Financing(JPY million)
4,102-3,658Cash and Cash
Equivalents at Endof the Period(JPY million)
20,903
20,561(4) Cash Flow

October 2017
April 2017

Cash Flows fromOperations(JPY million)
3,682
9,046

Cash Flows from
Investments(JPY million)-7,442-4,0992. Earnings Forecast for the April 2018 Fiscal Period (November 1, 2017 to April 30, 2018) and theOctober 2018 Fiscal Period (May 1, 2018 to October 31, 2018)(JPY million; period-on-period change)

April 2018
October 2018

April 2018
October 2018

Operating
Revenue
7,408
7,531

Change-1.6%+1.7%

Operating
Profit3,616
3,652

Change+2.7%+1.0%

Dividend per Share
(JPY)
1,940
1,940

Recurring
Profit
2,812
2,867

Net
Income2,811
2,866

Change+0.5%+2.0%Change+0.5%+2.0%

Dividend per Share in Excess of Earnings––

Notes:
1. The forecast Net Income per share for April 2018 is JPY 1,834 and for October 2018 is JPY 1,870.
2. The April 2018 and October 2018 dividend forecasts includes JPY 162 million and JPY 105
million, respectively, in negative goodwill amortization and dividend reserve reversals, so forecast
Total Dividends differ from Net Income in both periods.

2

3. Other(1) Changes in Accounting Policies, Changes in Accounting Estimates, and Retrospective
Restatement(i) Changes Accompanying Amendments to Accounting Standards:(ii) Changes Not Listed in (i):(iii) Changes in Accounting Estimates:(iv) Retrospective Restatement:

None
None
None
None

(2) Number of Shares Issued and Outstanding(i) The number of shares issued and outstanding (including treasury shares) was 1,532,287
shares at the end of April 2017 and 1,532,287 shares at the end of October 2017.
(ii) There were no treasury shares at the end of April 2017 or at the end of October 2017.
Completion Status of Auditing ProceduresThis document is not subject to the auditing requirements set forth in the Financial Instruments
and Exchange Law of Japan. The auditing procedures in accordance with those requirements havethus not been completed as of the date of the publication of this document.
Appropriate Use of Performance Forecasts and Other Matters of Special Note
The forecasts presented above are current figures based on certain preconditions. Accordingly, theactual operating revenue, operating profit, recurring profit, net income, dividend per share, anddividend per share in excess of earnings may vary due to changes in circumstances. Moreover,these forecasts should not be construed as a guarantee of such performance or results.
For details on preconditions, please refer to the “Preconditions for April 2018 Earnings Forecasts”
and the “Preconditions for October 2018 Earnings Forecasts” on pages 4 and 5.
This English version is a translation of the original Japanese report and is provided solely for
informational purposes. Should there be any discrepancies between this translation and theJapanese original, the latter shall prevail.

3Preconditions for the April 2018 and October 2018 Earnings Forecasts
Period• April 2018: November 1, 2017 – April 30, 2018 (181 days)• October 2018: May 1, 2018 – October 31, 2018 (184 days)

Number of
Assets• 85 assets

Number of
Shares• 1,532,287 shares issued and outstanding as of the date of this report

Operating
Revenue• Rental income is calculated conservatively based on lease contracts that are in effectas of October 31, 2017 while taking into consideration such factors as historical
rents, the competitiveness of the properties, and market conditions.
• Total occupancy: 96.9% as of April 30, 2018, and 96.5% as of October 31, 2018

OperatingExpenses

Non-Operating
Expenses
Interest-Bearing
Liabilities• Depreciation: JPY 920 million for April 2018 and JPY 865 million for October 2018.
Depreciation has been calculated using the straight-line method and includes thedepreciation of forecast future capital expenditures.
• Property, city planning, and depreciable asset taxes: JPY 589 million for April 2018
and JPY 635 million, including JPY 20 million from assets acquired on May 10,
2017, for October 2018.
• Building maintenance and repair expenses: JPY 120 million for April 2018 and JPY
124 million for October 2018. However, expenses may differ significantly from theseestimated amounts for reasons including the variability of maintenance and repair
expenses, one-time costs due to unexpected building damage, etc.
• Service provider expenses, including property management fees: JPY 680 million for
April 2018 and JPY 674 million for October 2018
• Performance fees: None for April 2018 and JPY 34 million for October 2018
• Rental expenses, Ichigo Office’s principal operating expenses (other thandepreciation, see above), are calculated based on historical data adjusted for
anticipated expense variations.
• Actual operating expenses may differ significantly from these assumptions due tounforeseeable factors.
• Interest expenses on loans and bonds: JPY 523 million for April 2018 and JPY 538
million for October 2018
• Other borrowing-related expenses: JPY 280 million for April 2018 and JPY 247
million for October 2018
• Loans and bonds: JPY 103,291 million outstanding as of April 30, 2018 and JPY
103,207 million outstanding as of October 31, 2018

Dividend• The dividend forecast assumes that dividends will comply with the dividend
distribution policy stipulated in Ichigo Office’s Articles of Incorporation.
• Total dividends are forecast to be JPY 2.972 billion (Net Income of JPY 2.811 billion
plus JPY 162 million of negative goodwill amortization) for April 2018 and JPY
2.972 billion (Net Income of JPY 2.867 billion plus JPY 105 million of negative
goodwill amortization, rounded down, as necessary) for October 2018. Forecast total
dividends are rounded down, as necessary, to create a dividend per share that is awhole number.
• The dividend is subject to change due to changes in circumstances such as asset
acquisitions and dispositions, tenant turnover, unexpected maintenance and repair
costs and other expenses, changes in interest rates, and the issuance of new shares.

Dividend in
Excess ofEarnings• Ichigo Office does not plan on paying any dividend in excess of earnings.

4

Other• This forecast assumes that there are no material revisions to laws and regulations, thetax system, accounting standards, listing rules of the Tokyo Stock Exchange, andrules of the Investment Trusts Association, Japan, and no material changes in thestate of the economy and real estate market conditions.

5Financial Statements(1) Balance Sheet(JPY thousand)April 2017(as of April 30, 2017)
AssetsCurrent Assets
Cash and cash equivalents
Cash and cash equivalents in trust
Accounts receivable
Prepaid expenses
Consumption taxes receivable
Other
Total Current Assets
Fixed Assets
Property, Plant, and Equipment
Buildings
Depreciation
Buildings (net)
Structures
Depreciation
Structures (net)
Machinery and equipment
Depreciation
Machinery and equipment (net)Fixtures
Depreciation
Fixtures (net)Land
Buildings in trust
Depreciation
Buildings in trust (net)
Structures in trust
Depreciation
Structures in trust (net)
Machinery and equipment in trust
Depreciation
Machinery and equipment in trust (net)Fixtures in trust
Depreciation
Fixtures in trust (net)Land in trust
Construction in progress in trust
Total Property, Plant, and Equipment
Intangible Assets
Leasehold rights in trust
Total Intangible Assets

6

October 2017(as of October 31, 2017)

8,630,416
11,986,481
70,498377,384–
2,254
21,067,035

8,556,346
12,406,175
12,434
393,549
56,0682,255
21,426,829

7,640,484-1,225,911
6,414,572
32,545-23,450
9,095
257,124-100,708
156,415
51,304-33,944
17,35918,169,824
40,784,635-4,574,521
36,210,114
58,783-18,820
39,962395,384-176,838
218,545
135,064-70,303
64,761
122,803,366
903
184,104,920

7,660,963-1,341,248
6,319,715
32,545-25,190
7,355
265,176-110,980
154,196
52,411-36,683
15,72818,169,824
42,051,993-5,333,846
36,718,146
62,750-22,347
40,402
421,448-200,028
221,419
151,904-82,149
69,755129,038,294
784
190,755,622

4,494,579
4,494,579

4,494,579
4,494,579

(JPY thousand)

Investments and Other Assets
Tenant leasehold and security deposits
Long-term prepaid expenses
Other
Total Investments and Other Assets
Total Fixed Assets
Accrued Assets
Bond Issuance Expenses
Total Accrued Assets
Total Assets
Liabilities
Current Liabilities
Accounts payable
Long-term loans (due within one year)
Accounts payable – otherAccrued expenses
Income taxes payable
Accrued consumption taxes, etc.
Advances received
Other
Total Current Liabilities
Long-Term Liabilities
Bonds
Long-term loans
Tenant leasehold and security deposits
Tenant leasehold and security deposits in trust
Asset retirement obligations
Other
Total Long-Term Liabilities
Total Liabilities
Net Assets
Shareholders’ Equity
Shareholders’ capital
SurplusCapital reserve surplus
Discretionary reserves
Dividend reserve
Negative goodwill
Total discretionary reserves
Unappropriated retained earnings
Total Surplus
Total Shareholders’ Equity
Total Net Assets
Total Liabilities and Net Assets

7

April 2017(as of April 30, 2017)

October 2017(as of October 31, 2017)

10,005
858,40938,523906,937
189,506,438

10,005
831,187
54,120895,312
196,145,514––
210,573,473

13,171
13,171
217,585,515

583,273
9,866,406
693,1778,080
605
391,876
1,350,770
26,044
12,920,233

500,026
13,661,440
727,655
3,916
605
65,331
1,518,551
11,935
16,489,462–
86,451,585
1,624,859
7,661,474
3,326–
95,741,245
108,661,479

1,200,000
88,520,256
1,590,553
7,966,308
3,344
53,947
99,334,410
115,823,872

67,675,274

67,675,274

20,566,420

20,566,420

621,526
10,432,940
11,054,467
2,615,831
34,236,719
101,911,993
101,911,993
210,573,473

659,446
10,062,856
10,722,303
2,797,644
34,086,368
101,761,642
101,761,642
217,585,515

(2) Income Statement

Operating Revenue
Rental income
Other rental income
Gain on sale of real estate
Total Operating Revenue
Operating Expenses
Rental expense
Asset management fee
Asset custody fee
Administrative service fee
Directors’ compensation
Loss on doubtful accounts
Other
Total Operating Expenses
Operating Profit
Non-Operating Income
Interest income
Reversal of distribution payable
Consumption tax refund
Interest on tax refund
Other
Total Non-Operating Income
Non-Operating Expenses
Interest expenses
Borrowing-related expenses
Amortization of bond issuance expenses
Other
Total Non-Operating Expenses
Recurring Profit
Pre-Tax Income
Income Taxes – Current
Total Income Taxes
Net Income
Retained Earnings Brought Forward
Unappropriated Retained Earnings

8

April 2017
(November 1, 2016 toApril 30, 2017)(JPY thousand)
October 2017
(May 1, 2017 to
October 31, 2017)

6,665,618
649,369
37,9207,352,907

6,831,601
699,146–
7,530,748

2,959,571
858,990
14,43844,5255,040
4,094
87,425
3,974,085
3,378,821

3,004,552
880,993
14,422
44,764
5,040–
59,8594,009,632
3,521,115

89
1,122
–
1,858
–
3,070

94
1,099
3,436
–
758
5,389

522,707242,935–
225
765,868
2,616,024
2,616,024
605
605
2,615,419
412
2,615,831

523,725
205,685221
30
729,662
2,796,842
2,796,842
605
605
2,796,237
1,407
2,797,644

(3) Statement of Shareholders’ Equity
April 2017 (November 1, 2016 to April 30, 2017)(JPY thousand)Shareholders’ Equity
Surplus

Balance as ofNovember 1, 2016
Changes during
the Period
Release from
Dividend
Reserve
Reserve to
Negative
Goodwill
Reserve
Dividends

Discretionary Reserves

Paid-In
CapitalCapitalReserve
Surplus67,675,274

20,566,420

Dividend
Reserve

Total
Discretionary
Reserves

Negative
Goodwill

11,508,900–-10,887,373

10,432,940

2,463,454

34,538,774-10,887,373

10,887,373–

10,432,940-10,432,940–-2,917,474-2,917,474

2,615,419

2,615,419––-10,887,373

10,432,940-454,432

152,377-302,055

67,675,274

20,566,420

621,526

10,432,940

11,054,467

2,615,831

34,236,719

Shareholders’EquityTotal Shareholders’EquityBalance as ofNovember 1, 2016
Changes during
the Period
Release from
Dividend
Reserve
Reserve to
Negative
Goodwill
Reserve
Dividends
Net Income
Total Changes
during the Period
Balance as ofApril 30, 2017

Total
Surplus11,508,900

Net Income
Total Changes
during the Period
Balance as ofApril 30, 2017

UnappropriatedRetained
Earnings

Total Net Assets

102,214,049

102,214,049

–

–

–

–

-2,917,474-2,917,474

2,615,419

2,615,419-302,055-302,055

101,911,993

101,911,993

9

October 2017 (May 1, 2017 to October 31, 2017)(JPY thousand)Shareholders’ Equity
Surplus

Balance as of
May 1, 2017
Changes during
the Period
Reserve to
Negative
Goodwill
Reserve
Release from
Dividend
Reserve
Dividends

Discretionary Reserves

Paid-In
CapitalCapitalReserve
Surplus67,675,274

20,566,420

Dividend
Reserve
621,526

10,432,940

11,054,467

2,615,831

34,236,719

37,920-37,920–-370,083

370,083–-2,946,587-2,946,587

2,796,237

2,796,237

37,920-370,083––

37,920-370,083-332,163

181,812-150,350

67,675,274

20,566,420

659,446

10,062,856

10,722,303

2,797,644

34,086,368

Shareholders’EquityTotal Shareholders’EquityBalance as of
May 1, 2017
Changes during
the Period
Reserve to
Negative
Goodwill
Reserve
Release from
Dividend
Reserve
Dividends
Net Income
Total Changes
during the Period
Balance as of
October 31, 2017

Total
Surplus

Negative
Goodwill

Net Income
Total Changes
during the Period
Balance as of
October 31, 2017

UnappropriatedRetained
Earnings

Total
Discretionary
Reserves

Total Net Assets

101,911,993

101,911,993

–

–

–

–

-2,946,587-2,946,587

2,796,237

2,796,237-150,350-150,350

101,761,642

101,761,642

10

(4) Cash Flow Statement
April 2017
(November 1, 2016
to April 30, 2017)
Cash Flows from Operations:Pre-tax net income
Depreciation
Increase (decrease) in allowance for doubtful accounts
Interest income
Interest expense
Decrease (increase) in operating accounts receivable
Decrease (increase) in consumption taxes receivable
Decrease (increase) in prepaid expenses
Decrease (increase) in long-term prepaid expenses
Increase (decrease) in accrued consumption taxes
Increase (decrease) in operating accounts payable
Increase (decrease) in accounts payable
Increase (decrease) in advances received
Decrease due to sale of property, plant, and equipmentin trust
Other
SubtotalInterest income received
Interest expense paid
Income taxes paid
Net Cash from (Used for) Operations
Cash Flows from Investments:
Acquisition of property, plant, and equipment
Acquisition of property, plant, and equipment in trust
Increase in tenant leasehold and security deposits
Decrease in tenant leasehold and security deposits
Increase in tenant leasehold and security deposits intrust
Decrease in tenant leasehold and security deposits intrust
Net Cash from (Used for) Investments
Cash Flows from Financing:
Increase in long-term loans
Decrease from repayment of long-term loans
Proceeds from bond issuance
Dividends paid
Net Cash from (Used for) Financing
Net Increase (Decrease) in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Period
Cash and Cash Equivalents at End of Period

11(JPY thousand)
October 2017
(May 1, 2017 to
October 31, 2017)

2,616,024
923,937-4,094-89522,707-30,406
403,134
12,430121,748
321,234-78,805
206,02165,574

2,796,842
927,975–-94
523,725
58,064-56,068-16,165
27,222-326,545
3,696
34,478167,781

4,443,873–

40,646
9,563,936
89-517,413-605
9,046,007

69,493
4,210,406
94-527,889-605
3,682,006-25,144

50,488-34,876-29,637-7,636,273
31,682-69,821

293,730

501,644-260,713-240,482-4,099,453-7,442,887

3,000,000-3,743,674

7,000,000-1,136,294
1,186,607-2,947,718
4,102,594
341,713
20,561,558
20,903,272-4,122,937–-2,915,052-3,658,727

1,287,826
19,273,732
20,561,558

Material Matters after Closing of the Fiscal Period
None
Earnings Forecasts
April 2018 Fiscal Period (November 1, 2017 to April 30, 2018)
For details on the preconditions, please refer to the “Preconditions for the April 2018 and October
2018 Earnings Forecasts” on page 4.
Operating Revenue
Operating Profit
Recurring Profit
Net Income
Dividend per ShareDividend in excess of earnings

JPY 7,408 million
JPY 3,616 million
JPY 2,812 million
JPY 2,811 million
JPY 1,940–

Note: The forecast dividend includes a JPY 162 million negative goodwill amortization. Actual
operating revenue, operating profit, recurring profit, net income, and dividend per share aresubject to change due to changes in circumstances. This forecast does not guarantee theamount of dividend.
October 2018 Fiscal Period (May 1, 2018 to October 31, 2018)
For details on preconditions, please refer to the “Preconditions for the April 2018 and October 2018
Earnings Forecasts” on page 4.
Operating Revenue
Operating Profit
Recurring Profit
Net Income
Dividend per ShareDividend in excess of earnings

JPY 7,531 million
JPY 3,652 million
JPY 2,867 million
JPY 2,866 million
JPY 1,940–

Note: The forecast dividend includes a JPY 105 million negative goodwill amortization. Actual
operating revenue, operating profit, recurring profit, net income, and dividend per share aresubject to change due to changes in circumstances. This forecast does not guarantee theamount of dividend.

12Notes to Income Statement
1．Details of Rental Income

A

B

C

Real Estate Rental Income
Rental Income
Rental Income
Common Area Services Income
Parking Lot Income
Facility Use Income
Other Rental Income
Utilities Income
Other
Total Income
Real Estate Rental Expenses
Rental Expenses
Service Provider Expenses
Utilities
Trust Fees
Depreciation
Repair Expenses
Property and City Planning Taxes
Insurance
Other Expenses
Total Expenses
Net Rental Income(A-B)

April 2017
(November 1, 2016 toApril 30, 2017)(JPY thousand)
October 2017
(May 1, 2017 to
October 31, 2017)

5,416,705
922,244266,939
59,7285,554,438
943,864
276,718
56,579596,31553,054

6,665,618

649,369
7,314,987

672,750
571,092
34,281
923,937
145,494
561,813
8,863
41,33813649,765
49,381

6,831,601

699,146
7,530,748

670,490
631,098
33,796927,975
101,199589,847
8,822
41,3202,959,571

3,004,552

4,355,416

4,526,195

2. Details of Real Estate Sales(JPY thousand)April 2017 Fiscal Period (November 1, 2016 to April 30, 2017)
Ichigo Serviced Apartments Takanawadai
Real Estate Sale Income
1,288,920
Real Estate Sale Cost
510
Other Real Estate Sale Expenses
Loss on Real Estate Sale
B-SITE Hamamatsucho
Real Estate Sale Income
Real Estate Sale Cost
Other Real Estate Sale Expenses
Loss on Real Estate Sale

990,000

299,430

616,000
667,942
510
52,453

Ichigo Serviced Apartments Ginza
Real Estate Sale Income
Real Estate Sale Cost
Other Real Estate Sale Expenses
Gain on Real Estate Sale

1,034,000
897,212507
136,280

Ichigo Pagoda Asakusa Building
Real Estate Sale Income
Real Estate Sale Cost
Other Real Estate Sale Expenses
Gain on Real Estate Sale

1,850,000
1,589,797
6,678
253,524

October 2017 Fiscal Period (May 1, 2017 to October 31, 2017)
N/A

14

Notes to Cash Flow Statement
1. Relationship between Cash and Cash Equivalents at End of the Period and Items Shown on the
Balance Sheet(JPY thousand)April 2017
October 2017
(November 1, 2016 to(May 1, 2017 toApril 30, 2017)
October 31, 2017)
Cash and deposits
8,630,416
8,556,346
Cash and deposits in trust
11,986,481
12,406,175
Miscellaneous deposits-55,339-59,249
Cash and cash equivalents
20,561,558
20,903,272
Notes to Derivative Transactions
1. Non-Hedge Accounting
N/A
2. Hedge Accounting
Previous (April 2017) Fiscal Period

Accounting Method

Transaction
Type

Hedging Target

Special Treatment
of Interest Rate
Swap method

Interest rate
swap (payfixed, receive
floating)

Long-term loan

Total

>1 year(JPY thousand)
Method ofMarket Marking
toValueMarket

77,519,773

77,353,995

Note

Contract Amount–Note: Swaps accounted under the Special Treatment of Interest Swap method are processed together
with the hedging target (in this case, a long-term loan), and therefore their market values areincluded in the balance sheet as part of Long-Term Loans.
Current (October 2017) Fiscal Period
Accounting Method

Transaction
Type

Hedging Target

Special Treatment
of Interest Rate
Swap method

Interest rate
swap (payfixed, receive
floating)

Long-term loan

Contract AmountTotal>1 year80,836,884 80,671,106(JPY thousand)
Method ofMarket Marking
toValueMarket
Note–

Note: Swaps accounted under the Special Treatment of Interest Swap method are processed together
with the hedging target (in this case, a long-term loan), and therefore their market values areincluded in the balance sheet as part of Long-Term Loans.

15Per Share Information
April 2017
(November 1, 2016 toApril 30, 2017)
66,5091,706

Net Assets per ShareNet Income per Share(JPY)
October 2017
(May 1, 2017 to
October 31, 2017)66,4111,824

Note: Net Income per Share is calculated based on the weighted average number of shares
during the period. There are no potentially dilutive shares outstanding. The data used
to calculate Net Income per Share is shown below.
(JPY thousand)April 2017
October 2017
(November 1, 2016 to(May 1, 2017 toApril 30, 2017)
October 31, 2017)
Net Income
2,615,419
2,796,237
Income not attributable to common––shareholders
Net Income attributable to common
2, 615,419
2,796,237
shareholders
Average number of shares in period
1,532,287 shares
1,532,287 shares
New Share Issuance
There was no new share issuance during the October 2017 fiscal period. Below are the changes to
the Total Number of Shares for the past five years.
Total Number of
SharesIssuedOutstanding

Issue Amount(JPY million)
ChangeTotal

Date

MethodMay 27, 20131

Public Offering

90,000932,823

5,431

20,360December 3, 20132

Public Offering
Third-Party Allotment toUnderwriter (Greenshoe)
Public Offering
Third-Party Allotment toUnderwriter (Greenshoe)
Public Offering
Third-Party Allotment toUnderwriter (Greenshoe)
Public Offering
Third-Party Allotment toUnderwriter (Greenshoe)

85,0001,017,823

4,929

25,2898,500

1,026,323

492

25,782

95,6801,122,003

7,679

33,4628,320

1,130,323

667

34,130271,700

1,402,023

23,41857,54814,3001,416,323

1,232

58,781

110,166

1,526,489

8,449

67,2305,798

1,532,287

444

67,675January 7, 20143
December 3, 20144
December 24, 20145
May 1, 20156
May 27, 20157
May 23, 20168
June 22, 20169
1

New shares were issued via public offering at a share price of JPY 62,595 (subscription price of
JPY 60,348) to procure funds for asset acquisitions.
2
New shares were issued via public offering at a share price of JPY 60,157 (subscription price of
JPY 57,997) to procure funds for asset acquisitions.
3
New shares were issued via third-party allotment at a share price of JPY 57,997 to procure funds torepay debt.
4
New shares were issued via public offering at a share price of JPY 83,167 (subscription price JPY
of 80,266) to procure funds for asset acquisitions.
16

5

New shares were issued via third-party allotment at a share price of JPY 80,266 to procure funds torepay debt.
6
New shares were issued via public offering at a share price of JPY 89,212 (subscription price of
JPY 86,192) to procure funds for asset acquisitions.
7
New shares were issued via third-party allotment at a share price of JPY 86,192 to procure funds torepay debt.
8
New shares were issued via public offering at a share price of JPY 79,365 (subscription price of
JPY 76,695) to procure funds for asset acquisitions.
9
New shares were issued via third-party allotment at a share price of JPY 76,695 to procure funds torepay debt.

17

Portfolio Information
Portfolio Composition
Form ofOwnership

October 2017 Fiscal Period
Book Value4% of Total(JPY million)
8,790
4.0
4,049
1.9

Area

Central Tokyo1
Tokyo Metropolitan Area2
Real estate
Four Major Regional
Cities3
Central Tokyo1
Trust beneficiary Tokyo Metropolitan Area2
interest in real
Four Major Regional
estate (juekiken)
Cities3
Other Regional Cities
Subtotal
Deposits / Other Assets
Total Assets
1

Central Tokyo

11,8265.4

100,087
44,02046.0
20.2

15,508

7.1

10,966
195,249
22,336
217,585

5.0
89.7
10.3
100.0

Chiyoda, Minato, Chuo, Shinjuku, Shibuya, and Shinagawa
Wards
2Tokyo (excluding the above six wards), Kanagawa, Chiba, andTokyo Metropolitan Area
Saitama Prefectures
3
Four Major Regional Cities Osaka, Nagoya, Fukuoka, and Sapporo
4Book Value is the respective October 31, 2017 balance sheet real estate or trust beneficiaryinterest in real estate asset value less depreciation and does not include construction inprogress and construction in progress in trust.

18

Portfolio Asset Details

No.
O-02
O-03
O-04
O-05
O-06
O-07
O-08
O-09
O-10
O-11
O-12
O-14
O-15
O-16
O-17
O-18
O-19
O-20
O-21
O-22
O-23
O-24
O-26

Area

Asset
Type

Asset Name

Nishisando
Central Tokyo Office Ichigo
Building
Mita
Central Tokyo Office Ichigo
Building
Nanpeidai
Central Tokyo Office Ichigo
Building
HanzomonCentral Tokyo Office Ichigo
Building
Hijirizaka
Central Tokyo Office Ichigo
Building
Ichigo Shibuya
Central Tokyo Office Kamiyamacho
Building
Akasaka 5
Central Tokyo Office Ichigo
Chome Building
Shibakoen
Central Tokyo Office Ichigo
Building
Ebisu
Central Tokyo Office Ichigo
Nishi Building
Ginza 612
Central Tokyo Office Ichigo
Building
Uchikanda
Central Tokyo Office Ichigo
Building
Yotsuya 4
Central Tokyo Office Ichigo
Chome Building
TameikeCentral Tokyo Office Ichigo
Building
Jimbocho
Central Tokyo Office Ichigo
Building
HakozakiCentral Tokyo Office Ichigo
Building
Kudan 2Central Tokyo Office Ichigo
Chome Building
Kudan 3Central Tokyo Office Ichigo
Chome Building
GotandaCentral Tokyo Office Ichigo
Building
Ichigo ShinTokyo
OfficeYokohama
Metro Area
Building
Tokyo
Metro Area
Tokyo
Metro Area
Tokyo
Metro Area
Tokyo
Metro Area

Ichigo Minami
Office Ikebukuro
Building
NakanoOffice Ichigo
North Building
Eitai
Office Ichigo
Building
Ikejiri
Office Ichigo
Building(as of October 31, 2017)
Total Rental
Occupancy3 No. of
Income5
4(JPY
Tenants(%)
thousand)

Total
Leasable
Area1
(m2)

Total
LeasedArea2(m2)

4,564.63

4,564.63

100.0

17

129,136

4,125.52

3,718.61

90.1

9111,741

1,925.24

1,925.24

100.0

13

77,4842,080.37

2,080.37

100.0

760,454

1,947.90

1,947.90

100.0

659,294

1,321.54

1,321.54

100.0

452,085683.86683.86100.0

925,271

1,602.29

1,382.39

86.3

4

36,5591,484.39

1,484.39

100.0

869,601

1,388.35

1,388.35

100.0

26

61,704

1,378.83

1,378.83

100.0

842,213780.64780.64100.0

1020,188494.14494.14100.0

621,324

1,891.01

1,891.01

100.0

871,753

2,387.34

2,387.34

100.0

754,123

1,288.31

1,288.31

100.0

126,8201,302.43

1,302.43

100.0

535,6995,346.76

5,346.76

100.0

9201,559

4,021.32

4,021.32

100.0

15

80,3691,491.51

1,491.51

100.0

10

53,2581,250.85

1,250.85

100.0

739,6742,605.54

2,605.54

100.0

10

65,0582,385.69

2,385.69

100.0

580,317

19

No.

O-27
O-28
O-29
O-34
O-37
O-38
O-39
O-42
O-46
O-47
O-48
O-49
O-50
O-51
O-52
O-53
O-54
O-55

Area

Asset
Type

Asset Name

Ichigo Nishi
Office Ikebukuro
Building
Nishi
Central Tokyo Office Ichigo
Gotanda Building
Tokyo
Ichigo Kichijoji
Metro Area Office Building
Four Major
Ichigo Sakae
Regional Cities Office Building
Four Major Office Ichigo
Marunouchi
Regional Cities
Building
Tokyo
Metro Area

Other Regional Office Ichigo Toyamaeki
CitiesNishi Building
Other Regional Office Ichigo Mirai
Cities
Shinkin Building
Other Regional Office Ichigo Takamatsu
CitiesBuilding
Ichigo Kanda
Central Tokyo Office Nishikicho
Building
Akihabara
Central Tokyo Office Ichigo
North Building
Sakaisuji
Four Major Office Ichigo
HonmachiRegional Cities
Building

Ichigo Kanda
Central Tokyo Office Ogawamachi
Building
Hatchobori
Central Tokyo Office Ichigo
Building
Green
Central Tokyo Office Ebisu
Glass
Omori
Central Tokyo Office Ichigo
Building
IchigoCentral Tokyo Office Takadanobaba
Building
Tokyo
Omiya
Office Ichigo
Metro Area
Building
IchigoTokyo
OfficeSagamihara
Metro Area
Building

Tokyo
Ichigo Ofuna
Metro Area Office Building
Other
Ichigo Sendai
O-57 Regional Cities Office East Building
Other
Ichigo Kumamoto
O-58 Regional Cities Office Building
Ichigo Jingumae
O-59 Central Tokyo Office Building
O-56

Total
Leasable
Area1
(m2)

Total
LeasedArea2(m2)

1,261.91

1,261.91

100.0

1

23,6391,329.06

1,329.06

100.0

931,4094,210.87

4,108.38

97.6

14

114,925

3,928.12

3,764.86

95.8

18

190,918

8,009.11

8,009.11

100.0

23

231,552

8,601.71

8,470.35

98.5

15

117,326

3,551.46

3,387.38

95.4

21

80,063

6,329.33

6,329.33

100.0

13

153,896

2,523.09

2,264.4289.7

988,025

6,250.53

6,250.53

100.0

1209,999

3,729.35

3,729.35

100.0

17

94,7952,295.57

2,295.57

100.0

978,823

2,697.36

2,697.36

100.0

785,266

3,159.27

3,159.27

100.0

2160,300

3,585.92

3,585.92

100.0

9132,005

1,606.92

1,606.92

100.0

762,585

6,180.68

5,578.09

90.3

27

155,3072,960.81

2,960.81

100.0

13

59,7392,364.71

2,364.71

100.0

994,017

5,205.49

4,858.26

93.3

10

95,4994,498.16

3,974.23

88.4

28

79,215

4,422.35

4,422.35

100.0

7

185,358

20

Occupancy3 No. of
Tenants4(%)

Total Rental
Income5(JPY
thousand)

No.

Area

Asset
Type

Asset Name

O-67

Ichigo Shibuya
Central Tokyo Office Dogenzaka
Building
IchigoHiroo
Central Tokyo Office Building
SasazukaCentral Tokyo Office Ichigo
Building
Nihonbashi
Central Tokyo Office Ichigo
East Building
IchigoCentral Tokyo Office Sakurabashi
Building
Shinkawa
Central Tokyo Office Ichigo
Building
Kudan
Central Tokyo Office Ichigo
Building
HigashiCentral Tokyo Office Ichigo
Gotanda Building

O-68

Central Tokyo Office Axior Mita

O-60
O-61
O-62
O-63
O-64
O-65
O-66

O-69
O-70
O-71
O-72
O-73
O-74

Ichigo Higashi
Office Ikebukuro
Building
Other Regional Office Koriyama Big-i
Cities(Office Section)
Tokyo Metro Office Ichigo Kawasaki
Area
Building
ShibuyaCentral Tokyo Office Ichigo
East Building
Ningyocho
Central Tokyo Office Ichigo
Building
Nishi
Four Major Office Ichigo
HonmachiRegional Cities
Building
Tokyo
Metro Area

Four Major
Ichigo Hakata
O-75 Regional Cities Office Building
Four Major
Nishiki First
O-76 Regional Cities Office Building
Tokyo
Ichigo Ikenohata
O-77
Metro Area Office Building
Tokyo
Ichigo Ikebukuro
O-78
Metro Area Office East Building
Ichigo Motoazabu
O-79 Central Tokyo Office Building
Tokyo
Ichigo Otsuka
O-80
Metro Area Office Building
Four Major
Ichigo Nagoya
O-81 Regional Cities Office Building
Ichigo Fushimi
Four Major
O-82 Regional Cities Office Building
Four Major
Ichigo Nishiki
O-83 Regional Cities Office Building

Total
Leasable
Area1
(m2)

Total
LeasedArea2(m2)

2,789.86

2,789.86

100.0

9

123,947

3,510.44

3,510.44

100.0

5127,300

6,425.29

6,425.29

100.0

6173,351

4,216.97

4,216.97

100.0

7148,069

2,971.22

2,971.22

100.0

680,4992,312.03

2,312.03

100.0

684,2933,090.65

3,090.65

100.0

997,541

4,548.10

4,548.10

100.0

18

123,476

2,369.82

2,369.82

100.0

12

62,463

4,553.90

4,553.90

100.0

16

144,366

3,433.07

3,433.07

100.0

14

100,440

3,710.17

3,230.66

87.1

13

86,671

1,041.36

1,041.36

100.0

340,134

1,769.09

1,769.09

100.0

845,903

6,152.00

6,152.00

100.0

31

107,079

2,423.86

2,423.86

100.0

28

52,8693,324.54

3,324.54

100.0

180,7425,504.12

4,899.53

89.0

6

147,9143,118.69

3,118.69

100.0

492,391

1,329.96

1,329.96

100.0

353,542

3,679.70

3,679.70

100.0

792,1524,930.30

4,930.30

100.0

35

141,990

4,155.57

4,017.95

96.7

41

86,3902,006.78

2,006.78

100.0

23

48,71021

Occupancy3 No. of
Tenants4(%)

Total Rental
Income5(JPY
thousand)

No.

Area

Asset
Type

Asset Name

Ichigo Minami
Four Major
O-84 Regional Cities Office Morimachi
Building

Ichigo Shibuya
Central Tokyo Office Udagawacho
Building
GotandaCentral Tokyo Office Win
Building
Tokyo
Ichigo Hongo
Metro Area Office Building
CenterCentral Tokyo Office Oimachi
Building
Ichigo Serviced
Central Tokyo Other Apartments
Takanawadai6
Central Tokyo Other B-SITE
Hamamatsucho6
Ichigo Serviced
Central Tokyo Other Apartments
Ginza6
FiestaCentral Tokyo Other Ichigo
Shibuya Building
Tokyo
Burg
Other Ichigo
Metro Area
Omori Building
Ichigo Pagoda
Tokyo
Other
Asakusa
Metro Area
Building6

O-85
O-86
O-87
O-88
R-04
R-06
R-09
Z-02
Z-03
Z-04

Tokyo
Metro Area

Z-05

MachidaOther Ichigo
East Building

Ichigo Sapporo
Four Major
Z-07 Regional Cities Other Minami 2 Nishi 3
Building
Four Major
Ichigo Daimyo
Z-08 Regional Cities Other Balcony
Other Regional Other Konami Sports
Z-09
CitiesClub Izumi Fuchu
Ichigo Shibuya
Z-10 Central Tokyo Other Bunkamura Dori
Building
TwicereTokyo
Other Yokohama Isogo
Z-11
Metro Area
(Retail Section)
Z-12

Tokyo
Metro Area

SquareOther Lions
Kawaguchi

Z-13

Tokyo
Metro Area

Z-14

Tokyo
Metro Area

Ichigo Shin
Other Yokohama Arena
Dori Building
KamataOther Ichigo
Building
Total

1
2

Total
Leasable
Area1
(m2)

Total
LeasedArea2(m2)

2,521.51

2,521.51

100.0

12

47,026

1,491.38

1,328.74

89.1

6

78,366

3,689.88

3,689.88

100.0

11

102,5022,722.58

2,722.58

100.0

776,7672,751.08

2,751.08

100.0

852,952

–

–

–

–

–

–

–

–

–

1

–

–

–

–

1

1,185.85

1,139.31

96.1

968,275

5,345.62

4,958.09

92.8

36

161,859

–

–

–

–

2,320

2,183.65

2,183.65

100.0

10

65,5601,162.52

1,017.11

87.5

7

32,913765.61649.7384.9

624,981

3,733.68

3,733.68

100.0

164,777778.77778.77100.0

475,2202,717.77

2,717.77

100.0

781,4507,788.09

7,788.09

100.0

3

121,852

1,971.34

1,971.34

100.0

578,286

2,124.68

2,124.68

100.0

253,014

262,751.74 257,751.60

98.1

918

7,530,748

Occupancy3 No. of
Tenants4(%)

Leasable Area is subject to minor adjustments due to renovations or rental contract terms.
Leased Area is the total space that is leased as of October 31, 2017.
22

Total Rental
Income5(JPY
thousand)3

Occupancy is the ratio of Leased Area to Total Leasable Area.
No. of Tenants is the number of tenants that have a valid lease contract in place with Ichigo Office(including trust structures owned by Ichigo Office). The number of tenants is counted as one where
there is a master lease contract in place with a master lease company other than Ichigo Office.
5
Total Rental Income is the total of rental income, common area services income, parking lot
income, and other related income generated from the property.
6This asset was sold on April 26, 2017.
423

Book Value and Appraisal Value of Portfolio Assets(as of October 31, 2017)
No.
O-02

O-03

O-04

O-05

O-06
O-07

Asset Name

Location

Trust
Ichigo Nishisando Yoyogi, Shibuya-ku, beneficiary
BuildingTokyo
interest in realestateTrust
Ichigo Mita
Shiba, Minato-ku,
beneficiary
BuildingTokyo
interest in realestateTrust
Ichigo Nanpeidai Nanpeidaicho,
beneficiary
Building
Shibuya-ku, Tokyo
interest in realestateTrust
Ichigo Hanzomon Hayabusacho,
beneficiary
Building
Chiyoda-ku, Tokyo
interest in realestateTrust
Ichigo Hijirizaka Mita, Minato-ku,
beneficiary
BuildingTokyo
interest in realestateIchigo Shibuya
Kamiyamacho,
Kamiyamacho
Real estate
Shibuya-ku, Tokyo
Building

O-10

Ichigo Akasaka 5
Chome Building
Ichigo Shibakoen
Building
Ichigo Ebisu
Nishi Building

Akasaka,Minato-ku, Tokyo
Shiba,
Minato-ku, Tokyo
Ebisu-Nishi,
Shibuya-ku, Tokyo

O-11

Ichigo Ginza 612
Building

Ginza, Chuo-ku,
Tokyo

O-12

Ichigo Uchikanda
Building

Uchikanda,
Chiyoda-ku, Tokyo

O-14

Ichigo Yotsuya 4
Chome Building

Yotsuya Shinjukuku, Tokyo

O-15

Ichigo Tameike
Building

Akasaka,Minato-ku, Tokyo

O-16

Ichigo Jimbocho
Building

Kanda Jimbocho,
Chiyoda-ku, Tokyo

O-17

Ichigo Hakozaki
Building

Nihonbashi
Kakigaracho, Chuoku, Tokyo

O-18

Ichigo Kudan 2
Chome Building

Kudan Minami,
Chiyoda-ku, Tokyo

O-08
O-09

Form ofOwnership

Appraisal
Book
Value1
Value2(JPY million) (JPY million)% ofPortfolio3

3,060

3,396

1.7

3,330

2,736

1.4

2,500

1,934

1.0

1,800

1,521

0.8

1,410

1,207

0.6

1,750

1,398

0.7

Real estate

781

725

0.4

Real estate

1,120

1,106

0.6

Real estate

2,300

1,928

1.0

Trust
beneficiaryinterest in realestate

1,950

1,774

0.9

Real estate

1,170

1,123

0.6

Trust
beneficiaryinterest in realestate

574

519

0.3

Real estate

680

535

0.3

2,240

1,813

0.9

1,150

1,155

0.6

914

740

0.4

Trust
beneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestate24

No.

Asset Name

Location

O-19

Ichigo Kudan 3
Chome Building

Kudan Minami,
Chiyoda-ku, Tokyo

O-20

Ichigo Gotanda
Building

Higashi Gotanda,
Shinagawa-ku,
Tokyo

O-21

Ichigo ShinYokohama
Building

Shin Yokohama,
Kohoku-ku,
Yokohama

O-22

Ichigo Minami
Ikebukuro
Building

Minami Ikebukuro,
Toshima-ku, Tokyo

O-23

Ichigo Nakano
North Building

Arai, Nakano-ku,
Tokyo

O-24

Ichigo Eitai
Building
Ichigo Ikejiri
Building
Ichigo Nishi
Ikebukuro
Building

Eitai, Koto-ku,
Tokyo
Ohashi,
Meguro-ku, Tokyo

O-28

Ichigo Nishi
Gotanda Building

Nishi Gotanda,
Shinagawa-ku,
Tokyo

O-29

Ichigo Kichijoji
Building

Kichijoji Honcho,Musashino City,
Tokyo

O-34

Ichigo Sakae
Building
IchigoMarunouchi
Building

Sakae, Naka-ku,
NagoyaMarunouchi,
Naka-ku,
Nagoya

O-26
O-27

O-37

Form ofOwnership
Trust
beneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateAppraisal
Book
Value1
Value2(JPY million) (JPY million)% ofPortfolio3

848

832

0.4

5,880

4,899

2.5

1,800

1,730

0.9

1,570

1,378

0.7

847

750

0.4

Real estate

1,250

1,469

0.8

Real estate

2,180

1,966

1.0

Ikebukuro, Toshima- Real estateku, Tokyo

778

613

0.3

812

768

0.4

2,770

2,217

1.1

Real estate

5,680

4,700

2.4

Real estate

7,340

5,993

3.1

1,750

1,500

0.8

1,270

1,150

0.6

3,270

2,484

1.3

2,900

2,036

1.0

O-38

Honmachi,
Ichigo Toyamaeki Jinzu
ToyamaCity,
Nishi Building
ToyamaO-39

Ichigo Mirai
Shinkin Building

Niagemachi,
Oita City, Oita

O-42

Ichigo Takamatsu
Building

Kotobukicho,
Takamatsu City,
KagawaO-46

Ichigo Kanda
Nishikicho
Building

Kanda-Nishikicho,
Chiyoda-ku, Tokyo

Trust
beneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestate25

No.

Asset Name

O-47

Ichigo Akihabara
North Building

O-48

Ichigo Sakaisuji
Honmachi
Building

O-49

Ichigo Kanda
Ogawamachi
Building

O-50

IchigoHatchobori
Building

O-51

Ebisu Green
Glass

O-52

Ichigo Omori
Building

O-53

IchigoTakadanobaba
Building

O-54

Ichigo Omiya
Building

O-55

IchigoSagamihara
Building

O-56

Ichigo Ofuna
Building

O-57

Ichigo Sendai
East Building

O-58

IchigoKumamoto
Building

O-59

Ichigo Jingumae
Building

O-60

Ichigo Shibuya
Dogenzaka
Building

Location

Form ofOwnership

Trust
Sotokanda, Chiyoda- beneficiaryku, Tokyo
interest in realestateTrust
Honmachi,beneficiary
Chuo-ku,interest in realOsakaestateTrust
Kanda-Ogawamachi, beneficiary
Chiyoda-ku, Tokyo
interest in realestateTrust
Shintomi,
beneficiary
Chuo-ku, Tokyo
interest in realestateTrust
Ebisu Minami,
beneficiary
Shibuya-ku, Tokyo
interest in realestateTrust
Minami Oi,
beneficiary
Shinagawa-ku,
interest in realTokyoestateTrust
Takadanobaba,
beneficiary
Shinjuku-ku, Tokyo interest in realestateMiyacho,Trust
Omiya-ku,
beneficiary
Saitama City,
interest in real
Saitamaestate
Trust
Sagamihara, Chuoku, Sagamihara City, beneficiaryinterest in real
Kanagawa
estateTrust
Ofuna,
beneficiary
Kamakura City,
interest in real
Kanagawa
estateTrust
Miyagino,
Miyagino-ku, Sendai beneficiaryinterest in real
City, Miyagi
estateKarashimacho,
Trust
Chuo-ku,
beneficiary
Kumamoto City,
interest in real
Kumamoto
estate
Trust
Jingumae, Shibuya- beneficiaryku, Tokyo
interest in realestateTrust
Maruyamacho,
beneficiary
Shibuya-ku, Tokyo
interest in realestate26

Appraisal Book Value2
Value1(JPY million) (JPY million)% ofPortfolio3

6,890

5,633

2.9

2,300

1,835

0.9

2,450

2,195

1.1

2,540

1,850

0.9

6,730

5,854

3.0

4,170

3,809

2.0

1,890

1,584

0.8

3,840

3,668

1.9

1,300

1,238

0.6

2,410

1,972

1.0

2,110

1,738

0.9

1,440

1,430

0.7

7,870

7,382

3.8

4,820

3,686

1.9

No.

Asset Name

Location

O-61

Ichigo Hiroo
Building

Hiroo,
Shibuya-ku, Tokyo

O-62

Ichigo Sasazuka
Building

Sasazuka, Shibuyaku, Tokyo

O-63

IchigoNihonbashi East
Building

Nihonbashi
Bakurocho,
Chuo-ku, Tokyo

O-64

IchigoSakurabashi
Building

Hatchobori, Chuoku, Tokyo

O-65

Ichigo Shinkawa
Building

Shinkawa,
Chuo-ku, Tokyo

O-66

Ichigo Kudan
Building

Kanda Jimbocho,
Chiyoda-ku, Tokyo

O-67

Ichigo Higashi
Gotanda Building

Higashi Gotanda,
Shinagawa-ku,
Tokyo

O-68

Axior Mita

Mita, Minato-ku,
Tokyo

O-69

Ichigo Higashi
Ikebukuro
Building

Higashi Ikebukuro,
Toshima-ku, Tokyo

O-70

Koriyama Big-i(Office Section)

Ekimae, Koriyama
City, Fukushima

O-71

Ichigo Kawasaki
Building

Higashi Tamachi,
Kawasaki-ku,
Kawasaki City,
Kanagawa

O-72

Ichigo Shibuya
East Building

Higashi,
Shibuya-ku, Tokyo

O-73

Ichigo Ningyocho Nihonbashi
Horidomecho,
Building
Chuo-ku, Tokyo

O-74

Ichigo Nishi
Honmachi
Building

Awaza, Nishi-ku,
Osaka

Form ofOwnership
Trust
beneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestate27

Appraisal Book Value2
Value1(JPY million) (JPY million)% ofPortfolio3

4,510

4,005

2.1

5,270

4,818

2.5

5,450

4,639

2.4

2,760

2,578

1.3

2,730

2,396

1.2

3,480

3,230

1.7

4,230

3,680

1.9

2,050

1,776

0.9

5,080

4,595

2.4

1,820

1,542

0.8

2,080

1,788

0.9

1,500

1,354

0.7

1,560

1,474

0.8

2,380

2,169

1.1

No.

Asset Name

Location

O-75

Ichigo Hakata
Building

Gionmachi, Hakataku, Fukuoka

O-76

Nishiki First
Building

Nishiki, Naka-ku,
NagoyaO-77

Ichigo Ikenohata
Building

Ikenohata,
Taito-ku, Tokyo

O-78

Ichigo Ikebukuro
East Building

Higashi Ikebukuro,
Toshima-ku, Tokyo

O-79

IchigoMotoazabu
Building

Motoazabu, Minatoku, Tokyo

O-80

Ichigo Otsuka
Building

Minami Otsuka,
Toshima-ku, Tokyo

O-81

Ichigo Nagoya
Building

Meieki, Nakamuraku, Nagoya

O-82

Ichigo Fushimi
Building

Nishiki, Naka-ku,
NagoyaO-83

Ichigo Nishiki
Building

Nishiki, Naka-ku,
NagoyaO-84

Ichigo Minami
Morimachi
Building

Matsugaecho, Kitaku, Osaka

O-85

Ichigo Shibuya
Udagawacho
Building

Udagawacho,
Shibuya-ku,
Tokyo

O-86

Win Gotanda
Building

Nishi Gotanda,
Shinagawa-ku,
Tokyo

O-87

Ichigo Hongo
Building

Hongo, Bunkyo-ku,
Tokyo

O-88

Oimachi Center
Building

Oi, Shinagawa-ku,
Tokyo

Form ofOwnership
Trust
beneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestate28

Appraisal Book Value2
Value1(JPY million) (JPY million)% ofPortfolio3

1,490

1,379

0.7

2,100

1,995

1.0

5,350

5,160

2.6

3,210

3,003

1.5

2,000

1,901

1.0

2,930

2,742

1.4

3,650

3,442

1.8

2,440

2,343

1.2

1,430

1,314

0.7

1,130

1,028

0.5

4,050

3,617

1.9

3,270

3,113

1.6

2,380

2,310

1.2

1,750

1,696

0.9

Asset Name

Z-02

Ichigo Fiesta
Shibuya Building

Udagawacho,
Shibuya-ku,
Tokyo

Z-03

Ichigo Burg
Omori Building

Omori Kita,
Ota-ku, Tokyo

Z-05

Ichigo Machida
East Building

Haramachida,
Machida City,Tokyo
Minami 2 jo Nishi,
Chuo-ku, Sapporo

Z-08

Ichigo Sapporo
Minami 2 Nishi 3
Building
Ichigo Daimyo
BalconyTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateDaimyo, Chuo-ku,
Fukuoka

Z-09

Konami Sports
Fuchucho,Club Izumi Fuchu Izumi City, Osaka

Z-10

Ichigo Shibuya
Bunkamura Dori
Building

Udagawacho,
Shibuya-ku, Tokyo

Z-11

TwicereYokohama Isogo(Retail Section)

Mori, Isogo-ku,
Yokohama

Z-12

Lions Square
Kawaguchi

Motogo, Kawaguchi
City,
SaitamaZ-13

Ichigo ShinYokohama Arena
Dori Building

Shin Yokohama,
Kohoku-ku,
Yokohama

Z-14

Ichigo Kamata
Building

Nishi Kamata, Otaku, Tokyo

Z-07

Location

Form ofOwnership

No.

Real estateAppraisal Book Value2
Value1(JPY million) (JPY million)% ofPortfolio3

2,200

1,971

1.0

2,970

3,113

1.6

1,550

1,288

0.7

Real estate

588

547

0.3

Real estate

667

584

0.3

1,440

1,118

0.6

3,010

2,469

1.3

1,880

1,540

0.8

2,680

2,379

1.2

1,780

1,691

0.9

1,520

1,451

0.7

220,799

195,249

100.0

Trust
beneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTotal
1

Pursuant to Ichigo Office’s internal rules and the rules of The Investment Trusts Association, Japan,
Appraisal Value at period-end is either an appraisal value or an indicative value from the Japan Real
Estate Institute, Daiwa Real Estate Appraisal, Tanizawa Sōgō Appraisal, or Ricchi Appraisal Institute.
2
Book Value at period-end does not include construction in progress and construction in progress in trust.
3% of Portfolio is based on book value.

29